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Home ยป Naira Strengthens Slightly, Closes at N1,530/$1

Naira Strengthens Slightly, Closes at N1,530/$1

Reporter: LATIFAT FASHINA

Techeconomy by Techeconomy
March 20, 2025
in Finance
0
Nigeria and USD, Nigerian Banking System - Naira
Naira | USD

Naira | USD

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The naira gained 0.15% against the US dollar on Wednesday, closing at N1,530.52/$1, up from N1,532.93/$1 on Tuesday.

The currency had started the week on a downward trend, closing at N1,528.03/$1 on Monday after erasing Fridayโ€™s profits. It then weakened further on Tuesday before making a slight recovery on Wednesday.

Trading in the Nigerian Foreign Exchange Market (NAFEM) saw high demand pressure, prompting the Central Bank of Nigeria (CBN) to intervene by selling $38.65 million at rates between N1,500/$1 and N1,525/$1 to stabilise the market.

In the parallel market, the naira gained 0.31% against the dollar, closing at N1,575/$1, up from N1,580/$1 on Tuesday. However, it weakened against other currencies, falling 0.24% against the British pound to N2,015/ยฃ1 and dropping 0.29% against the euro to N1,675/โ‚ฌ1.

The CBNโ€™s intervention helped stabilise the naira, and analysts expect the apex bank to maintain its support in the coming days.

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